Australian retail electricity specialist ERM Power Ltd today announced the completion of the previously reported purchase of U.S. electricity retailer, SPG Energy Group LLC, trading as Source Power and Gas.

According to ERM, Source began operations in May 2012. The majority of its customers are in Texas with recent expansion to Illinois, Ohio, New Jersey and Maryland. Its focus is on business customers, which represent the majority of the load. It also has approximately 20,000 residential customers. Annualized revenue is currently US $120m and annualized load 1.4 TWh. Source is based in Houston, Texas with a staff of 31

"[T]he acquisition gives ERM Power an attractive, low risk entry point to the sizable US energy market, and the immediate priority is to grow the load and profitability of the business," ERM said.

"The core focus of ERM Business Energy is meeting the energy needs of businesses, and the Source acquisition provides further opportunity to expand that proven business model into the US," ERM said.

See more about the transaction at EnergyChoiceMatters.com

Tags:
Source Power and Gas   ERM Power   M&A  

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